wpl 250 mil, page-2

Is this what you refer to Wisenut??

S&P rates Woodside Finance's notes 'A-'
Monday November 3, 4:14 pm ET


(The following statement was released by the rating agency)
NEW YORK, Nov 3 - Standard & Poor's Ratings Services assigned its 'A-' rating to Woodside Finance Ltd.'s US$250 million notes due 2013.

ADVERTISEMENT


The notes are jointly guaranteed by Woodside Petroleum Ltd. (Australia:WPL.AX - News; Woodside; A-/Stable/A-2) and Woodside Energy Ltd. (not rated). The outlook is stable.

The notes will be senior unsecured obligations and will rank equally with all of Woodside Finance's senior unsecured debt. The notes will be used to repay Woodside's shorter-term bank loan facilities, provide additional funding diversification, and strengthen the company's liquidity position.

"The ratings on Woodside reflect cost-competitive operations, strong cash flow generation from existing liquefied natural gas (LNG) and oil projects, a successful reserve-replacement strategy, commencement of the first international production from Ohanet in Algeria, and a long reserve life," said Standard & Poor's credit analyst Peter Stephens.

"These strengths are offset by the company's limited although improving geographic diversity, higher-risk exploration and development projects, and vulnerability to oil price and currency movements," continued Mr. Stephens.

Woodside's above-average business position reflects the expansion of its significant investment in domestic gas and LNG operations located on the North West Shelf in Western Australia, and increasing diversification into oil both in Western Australia and internationally. Strong cash flows from existing operations, together with existing debt facilities, will fund Woodside's share of the North West Shelf joint venture's fourth train and infrastructure expansion, while enabling an active offshore exploration and development program. The company's exploration acreage is concentrated in Australian offshore regions, with smaller overseas interests in the Gulf of Mexico, and North, East, and West Africa.

Woodside's exploration budget for fiscal 2003 is expected to increase by about 50% to A$320 million, with 70% being allocated to international acreage. At 2002 production rates, Woodside has proven reserves of about 15 years, and 20 years at the probable level. Long-life reserves and low lifting and finding costs give Woodside considerable flexibility to withstand volatile oil prices, and the capability to review the potential feasibility of new capital projects. Complete ratings information is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; under Credit Ratings in the left navigation bar, select Credit Ratings Actions.